SAMA (Saudi Arabian Monetary Authority) Compliance Consulting for Cyber Security Framework policies and procedure
In 2017, the banking regulator Saudi Arabian Monetary Authority (SAMA) formulated the SAMA Cyber Security Framework (SAMA CSF) to ensure that Saudi Arabian banking, insurance, and other financial institutions can protect themselves and recover from cyber security threats.
By establishing this framework, SAMA is helping to safeguard the financial sector in Saudi Arabia and ensure that businesses achieve security compliance requirements to protect information assets and operate safely and securely.
SAMA is responsible for regulating and setting the legal standards for all financial technology (fintech), banks, and financial enterprises in Saudi Arabia.
This includes processes and information security strategies to protect consumers and businesses.
SAMA has issued a set of instructions to all banks in KSA to help protect against financial fraud and safeguard banking consumers. These measures are necessary in order to maintain the stability and reputation of the banking sector.
SAMA strives to provide a secure and efficient environment for users of financial services by continuously monitoring and assessing risks. In addition, SAMA works to develop the fintech industry in the Kingdom of Saudi Arabia (KSA) and promote its use of innovative technologies to enhance the quality of financial services.
Saudi Arabian Monetary Agency (SAMA) Objectives
- To create a common approach for addressing cybersecurity within the Member Organisations.
- To achieve an appropriate maturity level of cybersecurity controls within the Member Organisations.
- To ensure cybersecurity risks are properly managed throughout the Member Organisations.
The SAMA framework asks all SAMA-regulated Member Organizations to abide by the CSF, which is inspired by:
SAMA Compliance - A snapshot
The main objectives of the Saudi Arabian Monetary Authority (SAMA) are:
- Maintaining the stability of the Saudi Arabian currency (SAR) and ensuring the soundness of the financial system in the country.
- Formulating and implementing monetary policy in the Kingdom of Saudi Arabia.
- Supervising and regulating the banking and insurance sectors, as well as other financial institutions operating in the Kingdom.
- Promoting the development of the financial industry in the Kingdom of Saudi Arabia.
- Managing the foreign exchange reserves of the country.
- Providing a safe and efficient payment and settlement system.
- Conducting economic research and analysis to support its policy-making functions.
The SAMA Cyber Security Framework includes the following main control domains:
- Cyber Security Leadership and Governance
- Cyber Security Risk Management and Compliance
- Cyber Security Operations and Technology
- Third-Party considerations
- Banks
- Insurance Companies
- Financing Companies
- Credit Bureaus
- Financial Market Infrastructure
Meet data protection obligations
SAMA Cybersecurity Framework
SAMA Cyber Security Framework contains sections 3.1.1, 3.1.2 & 3.1.3.
- Cyber Security Policy
- Cyber Security Awareness
- Cyber Security Training
- Cyber Security Risk Management
- Cyber Security Review
- Cyber Security Audit
- Identity and Access Management (IAM)
- Application Security, Infrastructure Security, and Event Management
- Cryptography
- Cyber Security Incident Management
- Threat and Vulnerability Management
GAP Assessment
Risk Assessment
Risk Treatment Plan
Effective policies and procedures
Training programs
SAMA Regulation Consulting Service
SAMA CSF compliance process
Our SAMA Regulation Compliance Consulting Service Phases
SAMA Compliance Audit service typically involves an audit of financial institutions' cybersecurity systems and processes to ensure compliance with the SAMA Cybersecurity Framework. We may assess the financial institution's cybersecurity posture and identify gaps, weaknesses, and areas for improvement. Based on the audit findings, we may offer recommendations and remediation plans to help institution achieve compliance with the SAMA Cybersecurity Framework to ensure they are adequately protected against cyber threats and are in compliance with SAMA's regulations.
regular operation and adoption
Improve Cyber Resilience with SAMA
At ZCySec, we offer comprehensive solutions to help you strengthen your SAMA cybersecurity posture.
Our team of expert SAMA consultants can assist you in identifying the necessary resources required for your security program, as well as introduce and integrate information security management processes.
Additionally, we can help you select the most suitable technological tools to enhance your defense capabilities and better manage risks. Our tailored approach ensures that your cybersecurity program is aligned with your specific needs and objectives, and our experienced professionals work closely with you to ensure that you achieve the highest level of security and compliance. Trust us to be your reliable partner in cybersecurity.
